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Bank Of Cyprus: Gas Exploration Promising, Said Credit Suisse

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Credit Suisse First Boston reduced the price target of Bank of Cyprus from €1.7 to €1.5, while it set a “Neutral” rating on the bank.

The Swiss giant said in a report that a significant improvement on the power situation (mostly from lower demand), a friendly €2.5bn Russian loan to cover Cyprus’ sovereign funding requirements for over a year and the start of exploration for gas in a very promising area off the coast are all positive surprises for the sovereign and hence Bank of Cyprus. 

However, it reduced its earnings estimates on the bank due to the continuing deterioration of the Greek economy.

“We like BoC’s high market shares (28% of deposits in Cyprus), superior credit rating to peers and good management”, said CS.

However, the current difficulties of the Cyprus economy, exacerbated by the recent power cuts as well as continuing high cost of risk in Greece, but also in Cyprus, lead to a “Neutral” rating.
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